Buy to let mortgage withdrawal by Hinckley & Rugby

Small lenders are beginning to pull  products including buy to let mortgage deals.

Smaller lenders such as the Hinckley & Rugby are experiencing a ripple effect from the fall out of larger lenders rate increases and are find themselves having to withdraw mortgage products.

A reduction in high street lending has already caused Skipton Building Society and Accord Mortgages to withdraw their complete mortgage range, and now those lenders who are even smaller are in the same position as they find themselves inundated with enquiries.

Hinckley & Rugby are the latest to withdraw their range across the board, with the exception of one residential product and various limited distribution mortgage to let deals.

Chris White who is the chief executive of Hinckley & Rugby commented saying that the building society is hoping to relaunch its buy to let mortgage product range by the end of March.

He went on to add that he can’t remember anything like this happening before saying that as bigger lenders have pulled back on lending, this has created a ripple effect affecting first lenders the size of Skipton and now those the size of Hinckley & Rugby.

He advises that Hinckley & Rugby hope soon to return with competitive products but says this depends on the rest of the market. He added that as a small lender, if high street lending prices move upwards and high street mortgage providers increase their rates then Hinckley & Rugby have no choice but to follow suit.

While Hinckley & Rugby have withdrawn their buy to let mortgage range, other lenders such as the Woolwich have not. Deal Direct have access to all lenders buy to let rates and can source a highly competitive deal on your behalf.